Tuesday, May 4, 2010

Recently, the news has highlighted the seriousness of unemployment in the European countries, especially in Spain. Its unemployment rate is currently floating around 20%, which is indeed very high.

Due to the economic downturn, the labelled 'lost generation' consist of fresh graduates who are unable to find jobs. Despite applying to so many firms, few have received any reply as firms cut down on employment. One of the main causes is the high external external debt of government and also the lifestyle of the people who live above their means.

Although Malaysia is considered a developing country, I believe we are still very fortunate as our government has managed its expenditure well and Malaysians are more careful with their spending.